Mortgage Rates Hit Lowest Level in Over a Year The average rate for a 30-year mortgage has dropped to 6.47%, the lowest in over a year, providing a boost for prospective homebuyers and homeowners looking to refinance. This decline follows a decrease in the 10-year Treasury yield, driven by disappointing labor market data. While the rate drop has spurred an increase in refinancing applications, economists expect mortgage rates to remain above 6% this year. The decrease in rates could enhance purchasing power, but high home prices and limited inventory continue to challenge buyers. The recent easing of rates aligns with expectations of potential Federal Reserve rate cuts amid signs of cooling inflation and a softer job market. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold Prices Expected to Rebound as Central Banks Maintain Demand READ MORE Bond Traders Eye Possibility of 50 Basis Point Fed Rate Cut After Inflation Data READ MORE The Ticking Debt Bomb: How to Safeguard Your Investments from the Inevitable READ MORE WGC: Is There a January Effect for Gold? READ MORE Fed Chair Balances Inflation Fight with Economic Growth in Congressional Testimony READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment